SunPower Corp. (SPWR) Shares Up 3.9%

SunPower Corp. (NASDAQ:SPWR) shot up 3.9% during trading on Wednesday . The stock traded as high as $15.14 and last traded at $15.04, with a volume of 1,791,750 shares changing hands. The stock had previously closed at $14.47.

Several brokerages recently issued reports on SPWR. Robert W. Baird reaffirmed a “buy” rating on shares of SunPower Corp. in a research report on Sunday, May 8th. Vetr cut SunPower Corp. from a “strong-buy” rating to a “buy” rating and set a $26.92 target price on the stock. in a research report on Wednesday, March 16th. Mizuho began coverage on SunPower Corp. in a research report on Wednesday, March 30th. They set a “neutral” rating and a $25.00 target price on the stock. Wells Fargo & Co. began coverage on SunPower Corp. in a research report on Wednesday, June 1st. They set a “market perform” rating on the stock. Finally, Zacks Investment Research cut SunPower Corp. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 19th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $33.78.

The company’s market cap is $2.07 billion. The stock’s 50 day moving average price is $15.92 and its 200-day moving average price is $21.27.

SunPower Corp. (NASDAQ:SPWR) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.10. The company earned $433.60 million during the quarter, compared to the consensus estimate of $328.53 million. During the same period in the previous year, the business posted $0.13 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts anticipate that SunPower Corp. will post $1.29 earnings per share for the current year.

Several hedge funds have bought and sold shares of the company. Rhumbline Advisers raised its stake in SunPower Corp. by 18.9% in the fourth quarter. Rhumbline Advisers now owns 39,648 shares of the company’s stock worth $1,190,000 after buying an additional 6,310 shares during the last quarter. Russell Frank Co raised its stake in SunPower Corp. by 29.2% in the fourth quarter. Russell Frank Co now owns 44,658 shares of the company’s stock worth $1,357,000 after buying an additional 10,099 shares during the last quarter. Schroder Investment Management Group acquired a new stake in SunPower Corp. during the fourth quarter worth approximately $1,510,000. State Board of Administration of Florida Retirement System raised its stake in SunPower Corp. by 13.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 53,517 shares of the company’s stock worth $1,606,000 after buying an additional 6,460 shares during the last quarter. Finally, Swiss National Bank raised its stake in SunPower Corp. by 1.8% in the fourth quarter. Swiss National Bank now owns 73,700 shares of the company’s stock worth $2,212,000 after buying an additional 1,300 shares during the last quarter.

SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.